we're very grateful r for that the former director was not following the law. >> we'll see what impact it has. i know it could take a couple of years. thanks for joining me. ceo of vantage score solutions, which you'll be hear iing a lot more about that does it for the change. i'll join tyler and melissa now for "power lunch" which starts right now. >> kelly, thank you very much and we will see you in a moment. welcome, everybody here's what's new at 2:00. on "power lunch. fed fever. wall street hanging on every word at the summit in jackson hole steve liesman's annual favorite trip we'll talk b about rates we'll bring you the latest details and more plus the great retail divide a clear landscape of winners versus losers in the consumer space, but which names have more room to run and work hard, play hard one analyst says black is about the soar he'll be here to tell us why he thinks the stock could jump another 30%. "power lunch" begins now

>> the market dealing with a fed induced whiplash today we are well off the session highs but in the green for the s&p 500 swelz the nasdaq, the dow. the nasdaq though in negative territory down by .2 check out the etf that tracks the home builders down today, but it is up 5% in just the past week we'll tell you which names are driving that move. well the hawks are out in jackson hole, wyoming. fed officials not saying what the market wants to hear today steve liesman is there talking to all the xwbig names. it was really harp rer that sort of sparked that turn around in the market >> he wants to stay neutral.

more on that in a second, but i want to show you the gyrations in the outlook for the federal reserve through the fed funds futures market still a 99% of a rate cut. 66 for october december cut seems to be on the b table. whether or not the 75-day point for the rest of the year or just 50 another interesting development in september, a 1.3% chance that the fed remains on hold. it was a 40% chance last week. and now that's changed now the argument is between what most people think is going to be 25 basis point cut, but some think is going to be b the reasons for these gyrations, comments from out here where fed officials are gathering r ffor their summit we talked to the kansas city fed president and president harker here's what they said about the outlook for rates. >> i don't think the cut was appropriate.

necessarily, but i went along to get back to annuity rachlt but i'm on hold now. >> my sense was we've added accommodations and it wasn't, it wasn't required in my view i think we're in a good place relative to the mandates that were asked to achieve. >> so we're all gearing up for the big speech by jerome powell tomorrow here's some of the challenges he faces as he tries to deal with the market and the outlook we got data showing additional slowing in manufacturing fomc members are divided between hold and cut we're not hearing a lot of sympathy for the argument that the fed ought to cut rates because other central banks are so low we have to take care of our economy and make rates relative to what's needed here, not to global overseas rates. melissa. >> interesting because what they're doing with rates is exactly, it has to do with what is going on in their economies

and so by saying that, that's almost like saying we don't really care that germany is in contraction and that the pmi numbers were worse than expected this morning >> i think it's a little more subtle than that i would say we only would set rates, this is happening in germany, if we see it affecting the u.s. economy i think that's the key what they're saying to me is that we don't see the relative difference in rates as a reason in and of itself to move interest rates >> all right steve. we've also got a bigger schedule huh. >> yeah, so we have robert from the dallas federal reserve coming up at 3:00. tomorrow, we have loretta and james. we have the chief imf economist coming up as well as mark carney, the governor of the bank of england kelly. >> looking forward to all this also, what time is powell talk

i ing? >> 10:00 a.m. eastern time, 8:00 a.m. my time i always have trouble with the conversion even though it's only plus or minus two. if there was a sigma factor in there, r i'd have an easier time >> you can calculate the fed funds futures quicker than the time >> exactly the difference in the two time zones. >> appreciate it very much steve liesman. stocks are now taking their cue from the bond market bob pisani is at the new york stock exchange bob. >> it's maddening. been happening all month mixeded market in the middle of the day. stocks continue to move in the direction of bond yield, which has been down today, but we're off our lows moved down after 10:00 a.m. eastern time likely a very important part of that decline the market weakened shortly after the open after the august pmi report showed that manufacturing activity was weak in august, it

was below 50 indicating traction. lowest level in ten years, but also the services sector was weaker than anticipated. next major market mover, fed chair jay powell many fear are not going to be signalling an aggressive rate cut psy cycle, although everyone believes at least one other rate cut is coming in september and you can see here that markets have rallied in the middle of it have day, but the rally is now moving sideways slightly down as we have seen the ten-year yield group move again. it's a 1.60 on there and looks flat compared to the two year. >> thank you very much >> so can the markets rally back and set new record highs with less help from the fed if that is what is in the pipeline what does u wall street want to hear from mr. powell when he speaks tomorrow? mike ryan is chief investment officer with ubs john bellows with western asset. gentlemen, welcome to both of

you. before we get to mr. powell and what you'd like to hear from him and what you think the track of sbes rates will be b, i note in my notes that neither of you believe that the recession is imminent i believe john, you say we expect that bond yields will stay low for the foreseeable future and mike, you said that -- what would change your mind on that manufacturing down, services and job growth revisions were negative mike, what would change your mind >> three things. first of all, i'd need to see we saw not only the 10% tariffs on the 10 billi$10 billion, but wee retaliation and escalation from

the u.s. perhaps at 25%. second thing is more evidence that the consumer's effective. so r pfar, we're talking about e manufacturing. third thing, if the fed simply ignored what's happening in terms of the weakening of the manufacturing and passed them for the rate cuts. again, i don't think any of those three is the most likely scenario so that's why we don't see a recession. >> mike john he mentions trade. a weakening consumer and fed recalcitrant what changed your mind >> i want to echo that one of the interesting thing ss that we're getting a policy response around the world the fed is in an easing cycle. ecb is ready to do some easing next time they meet. china is using a number of central banks and that's going b to be an important support to growth for sure, there'smanufacture, bs

ongoing and is going to help growth clear a low bar we're just looking for sturdy growth and that policy backdrop is going to help >> what does the bond market tell us then, john >> i think it's reflect iing th low growth and low inflation environment around the world and so i think the bond market has the right. low inflation means low bond yields it means that we need to keep looking for a central bank accommodation and leaves me concerned about growth those are all implications of low inflation. the principle driver right now >> so, mike, it would appear to me based on the interviews that steve did this morning and other chatter that's out there at jackson hole and around, that

this is not a fed right now that is all of one mind what does it apply about the direction of interest rates, the magnitude and speed of those cuts >> first of all, i think fed is balanced by these rates. the majority is now voting against rate cuts. i think what it implies for the magnitude of cut, there were some expectations that we could see as much as a 50 basis point move in september. i think that's beginning to be off the table. nen lastly in terms of timing, the fed is going to be ininterpretertive. they're going to have to see not only is what's happen ng the trade front, how is that being translated into whether or not we're seeing pick up or inflation and what it means for

dm domestic growth. it means it's going to be conditional. >> interesting answer. john, sort of the same question to you the fact fed seems to have some dissent, maybe more than we've grown accustomed to oaf the past decade what does that imply if anything about how low rates go, how fast they get there mike seems to think they'll be very sort of calibrated, that they'll still get lower, but maybe the cut is off the table >> jackson hole is a bigger way of thinking. step back, assess the big picture. i think that's what powell is going to try to do tomorrow. provide some leadership on what's the big picture i think there's a will tlot of consensus. inflation is too low the risk the growth are almost

all on the downside. where the u.s. is going. i think the lessons from japan and germany are precautionary and that's the big picture here. so of course there's some defense right now in terms of near term tactics, but the big picture is what the focus is

tomorrow powell has leadership on that and again, the big picture is inflation's low and the fed needs to stay focused on that and do more. so that's what we expect. i think there's more consensus around that than the tactics >> interesting both interesting answers mike and john, thank you for the conversation >> weighing in on german bond yields this morning. >> two tweets today. the president stressing frustration with the fed this has become a near daily thing here the first one, the president references those german bond yields that we've been talk iin about throughout day says germany sales 30-year bonds offering negative yields they compete with the usa, our federal reserve doesn't allow us to do what we must do. the president calls the fed, says they move like quick sand, fikt or go home. the second tweet says the economy is doing well. the federal reserve could easily make it record setting the question is pg asked why are we paying much more in interest than germany and other countries. president saying let america win big rather than just win the question here is in the

presidential venting of frustrations or o is the president, does he feel like this is pushing the fed to take the action that hemts them to take is it having a real world effect or blowing off steam. i asked the president that yesterday in a scrum i said do you feel like your pressure on the with her in absentia on twit getting results he didn't answer the question either time. sort of blew me off and went on to other reporters difficult to get in the president's head here, but he does continue this campaign of pressure against

guess have to watch the fed to see. >> might there be a third explanation there and it would u be that if the economy does take a downturn into th for targe year, that he will have already set up an exfla nati do you have concerns about mild memory loss related to aging? and the explanation would be the fed made it happen >> right absolutely the president will have a political scapegoat in the federal reserve if there's a recession y

he likes to have someone to fight with hillary clinton has gone from the political stage and continues to

role if things go south in the economy. >> i'mb[uo cf1 o shaggy defense wasn't me. on a downward slide since the huge jump on public debut.y prbe stock can headb[ug great[u/g # ma macy's "power luncy ñág' oy prtg n k up more than 17% since june. since then, microsoft revealed its chat software competitor has surpassed the user account

even so, one analyst says investors should get to work and pick up some slack the play on the ticker symbol and km partner's executive director just initiated a buy rate, a 30% jump of where shares are. great to see you >> nice to see you >> so microsoft entered this mark in 2016 or so and has now been able to surpass slack why are you so confident slack can stipkeep up its gross despite this huge competitor and get to the 20% share of market that you project it could reach? >> this is a classic big tech small tech story we have seen this in many different pockets. it was as these are just a few names

that have flourished i think slack is exactly that. they have a lightning in a bottle they have a fantastic market share. they have focused on the niche i think that a lot of things going on for them. i would point that microsoft hasn't given out any engagement metrics. slack has given them out strictly a significant number of users versus active users. pretty active number of messages being exchanged. so i like it here. the shares are down for any portion. look at zoom and cloud strike. comparable ipos. they're up the difference is is direction listing. no underwriters. also on the flip side, there are no lock ups, which i think all of the price action on lock ups, you've already seen that so from here on out, we like the name zpl i think that's an interesting comparison

but those ipos are a different industry that even though they are software companies, i'm not really sure in my view if they're apples to apples. does it need to have a path to profitability for investors to get more comfortable with the story. that seems to be a trend within the ipo market investors are more or less willing to give the benefit of the doubt to uriber or slack if there's no path to profitab profitability. you take out a few numbers, make a few adjustments then see some leverage we don't feel it's high enough for people to jump on to the band wagon this company will be profitable in the next x number of months with a fair degree of confidence

we would want to see sustained revenue growth you can't have both. can't have these and losses mounting >> so they've got their first report as a public company schedule d for my birthday, september 4th, by way, so i'm looking for a birthday present here what should people look for in that report in terms of directionality on that pathway to profit? >> on pathway to profit, we want to see that the markets spread does not spike higher. we want to see that from a revenue standpoint, the biggest number that you would be focused on is annual run rate. err, coming from big enterprises. what is the outlook and the area around it. what proportion of revenue are you getting from big companies like microsoft and ibm i'm going the say sap and articles

scratch microsoft there. a lot of my mind right now >> thanks so much for your time. shares down about a percent right now. >> did you get stuck in traffic on the way to work this morning? it might be a good sign. we'll explain. and one group of stocks that uld stand tob[y yy prb[b[y pr

welcome back housing stocks taking off this month. the itv home construction etf surging 5% in august bouncing back to its highest levels since april of 2018. there was just a foundation for more gain. todd gordon of trading analysis and joel are your trading nation team todd, weigh in on this trend lower bond yields, lower interest rates have helped, but can we trust this move >> absolutely, mike. it's a good question let's look at the ten-year yield in orange.

deal with this first we'll see if we've broken below the 2% level, making new lows there, which is driving housing. the one thing i would say is a little divergence. not at the old highs, so we are playing a catch up here. i think yields need to continue to drop. one stock is the largest component of the etf, a really nice technical pattern here. sort of an inverse controller. you've got a shoulder, a head, another should rer there's your launch pad right there. and housing is set to be a regional market. different tiers of the market have operated different ly in terms of high and low end and b obviously dependent on the macro picture. where does that bring you? you hit the nail on the head we still like housing. interest rates are going lower

the consumer is still strong and again, we're not in this recession camp we like to pinpoint valuations so look at mbc holdings. the company has a 3% dividend. $7 per share in cash very attractive balance sheet, but it's selling ten times forward earnings all right. we need more homes to fit the bodies see if these guys can help out for more, head to our website or follow us on twitter at trading nation and kelly, back to you. >> thanks very much. ahead on "power lunch," all retail stocks are not created equal. we run through the group's winners and losers as wall street digests earnings. plus, volkswagen denying reports it's taking a stake in tesla,

welcome back here's your cnbc news update a florida serial killerer sentenced to death for a decades old murder is set to be executed this evening gary ray bowles killed a man many 1994 in jacksonville. he also confessed to five other murders in the southeast as well the world health organization has completed a

number of study on plastic particles. >> and that the health risks that were assessed to be lowment given what we've seen. >> and take a look at this the u.s. air force thunder birds threw in formation over the hudson river towards the statue of liberty this morning. the jet jets trailing red, white a blue u smoke it's meant to promote the new york air show this weekend maybe a little hazy, but any way. that's the news update this hour ch melissa, back to you. >> thank you a check on the markets now and we're close to flat right now. the dow is up by just a quarter of a percent s&p 500 down by just a third of a point and theness dak is down by a third of a percentage here. we are watching the twos, tens

voclosely all day long we've been within a couple of basis points check out shares of boeing on a report they'll ramp up u production of the 737 max next year if regulators approve the plane for flight they say the jets by february of 2020 and possibly report production levels by june of 2020 >> all right it has been a volatile month as you know for retail stocks made big moves since their earnings announcements this month courtney reagan is here to give us more details. >> hey, tyler, so retail winners are delivering good merchandise, the right prices an with the option to blend physical and digit digital. so start with target they beat across the board upped its forecast com sales have been higher for nine straight quarters blending those two channels in a way that lowers fulfillment costs and boosts margins shares are up about 23% for target since wednesday's

earnings in order strorm's shares are higher, however, largely short covering the quarter was pretty disappointing with a e lowest net sales rate since the great recession and the profit beat but on expense management. analysts skeptical that the department store will see the second half inflection that it's planning for shares are up 20% so worth noting walmart beat across the board. comp sales high e for 20 straight quarters. like target, improve d the integration of stores and online in way that's resognating with shoppers those shares are higher by about 5% since they reported sales at tapestry's kate spade division were far worse. leading them to question whether turn around the b possible coach was in line, but the north american land bag market remains muted. those shares if i move out of the way, are down b about 15% for the week macy's is the last one that really widely missed earnings.

earnings were stronger, but the quarter was week after some of the women's apparel missed just didn't resognate with shoppers they had to deeply disin order to sell it and that hit margins pretty darn hard and the stock price is down about 20%. >> ouch. in ordnordstrom is surging -- jg us now is paul, a retail analyst with a hold rating on nordstrom and $35 a price target do you share this optimism about the back end of the year >> we're whole rated and while profitability was far better than we expected in the second quarter rkts some of that was drif p by cutting costs and frankly, the company is outlining a pretty aggressive outlook in our view as it relates to the second half revenue. as courtney mentioned, down 5%

in sales in the second quarter and ultimately, they're outlining a view that they can get to a flattish if not positive by year end while there are, we're probably on the skeptical side. >> you think this is a short squeeze plan on the market today? >> absolutely. expectations were very low for nordstrom with a view for many investors that their full year guidance was going to be cut we did not get that. in fact, they beat earnings in the second quarter pretty meanful meanfully. >> we want to start with your retail winners, who you expect to be b the biggest winners going forwad if not nordstrom.

>> absolutely. we think that global brands who have strong innovation from a product and product and marketing standpoint stand to be the winners across retail so in our view as we look at top ideas, we have to start with lulu lemon, followed by nike ultimately, these are brands that are putting up double digit revenue growth they're not making any excuses regarding weather or tourism they have pricing power. and they have a very r, very strong customer base who's loyal to that brand. >> you like -- >> do they have tariff insulation >> so, lululemon's actually one of the first retailers we heard from that already imbedded into its forecast tariff impact it was in. nike, we have not heard from on that regard but ultimately, this is a company that we think will have an ability to mitigate most of those risks. >> probably the biggest question

looming over the sector right now, so let's move to some losers the names you don't like here, paul >> yeah, we think that the department store channel will continue to lose share you know in apparel and cosmetic categories in particular and so dillard's is a name fredericksburg that we have a sell rating on then from a discounter or food standpoint, we would note that walmart and target are taking a lot of share and so conversely, we look at a company like kroger as one that is one of the shared donors to those winners. >> yeah, that kind of donor you don't want to be finally, we have gap reporting earnings after the bell today. what are you looking for >> for gap, we're actually expecting same store sales to be negative across all three banners. with gap still down in the down

nine to 10% range. old navy for the second quarter in a row, down low single digits we expect pressure on gross margins. we've reduced our estimates there. given the high level of promotional intensity. we are concerned about the, to be a full year guidance. so overall, we are cautious on gap heading into the close but we note that we have heard from a number of retailers this week that have spoken more positively what about they've seen as it relates to back to school trends month to date. >> we'll see if they add to ha optimism or not. paul, thanks very much >> thanks r for having me. to the bond market now, rick santelli tracking the action at the cme. hey, rick. >> hey, an intraday chart gives you a lot of information we had a strong lei, but weak

market pmi matter of fact, it was below 50 so at 9:45 eastern, that's the break you see. on august 1st, the other pmi, the ism and management, that was a 51.2 it was close to a three-year low, but still well above the minus 50 level under 50 that today showed up 12 points from 147 you see on the let. hey, only up what, six from 153. that's the low close one week of boons, up nine pr the intraday lows at minus 72. up eight finally, to lly dollar versus t. once again, a fresh dollar high going back to march of 2008. back to you. >> rick, thank you very much volkswagen denies reports it's interested in a stake in tesla, but could the company be the target of a bigger automaker at some point? plus on our tasting menu, bleeding hedge funds, the bright

sidey

welcome back volkswagen denying reporting, but it raises questions about what could happen in the future. phil >> kelly, it's no surprise that most in the auto industry believe we are on the cusp of -- when it comes to volkswagen, the appeal is there. tesla is the leader worldwide. especially when it comes to battery -- it's very interesting. comes on the same day that bailey gifford, the second largest investor in tesla had some questions in the article about elon musk, questioning whether or not he's going to remain the ceo folk, he's not going anywhere.

there's no indication he plans to step down as ceo or would be replaced as ceo. tesla versus volkswagen over the last ten years i want to show you this. this is the appeal of tesla. people look at volkswagen, which has had billions in profits. what's that stock done over the past ten years compare that with tesla. for anybody who wants to complain about elon musking, he has boosted the returns of tesla over the last ten years. so that's the appeal at the end of the day when it comes to tesla. >> about the bailey gifford report, i thought that was interest iing and i understand e numbers may not enb abable bailo do anything about it but at the same time, you've got to wonder if this is one of the proponents of elon musk from the beginning, if they increased their stake in tesla, i think back in february, and so you wonder if other major

shareholders might be thinking maybe elon musk doesn't need to be ceo at this point >> publicly, a number investors and those who are fans of tesla have said look, this company would be better run if it had a coo running things day-to-day and elon musk was not actively involved in the company's day-to-day operations. they believe there would be less volatility having said that, melissa, he is the straw that stirs the drink at tesla he is largest shareholder. he's not going anywhere and he doesn't have a board that's going to look at this and say some of our shareholders shouldn't be ceo let's replace him. ain't going to happen. it is sbres iing and the commens were interesting, but it's not going to change the dynamics from tesla in terms of leadership >> phil, thank you >> you bet now here's a taste of some of the other stories we're watching today if you're dying to get your hands on the new apple credit card, you might want to wear

gloves the company issuing some care n instructi instruction, not let iting it touch another credit card, keeping it wii way from leather and denim. which could cause discoloration. a lot of people keep their credit cards next to ohs in the pocket of their jeans. >>. >> why can't you put it in your wallet >> cashmere and silk is good enough >> a report says hedge funds have lost $55 billion in outflows this year more than was pulled out all of last year. investors are reluctant now to pay the high fees in light of recent poor performance. who can blame them two and 20 is a lot. >> you can take a look at wa wr they'ring positioned goldman sachs had their hedge fund monitor out the other day they were saying up 9% outperforming by about half where they're positioned, you're pay iing them all that money tob in space >> amazon. exactly. so you got to wonder >> all rigverage commuter. that may be you, spends 54 hours

a year stuck in traffic, but that might be a good thing strong economy has more people working. everyone's commuting tat same time and that creates rush hour traffic jams >> i am dreading back to school season sxwl that's when the traffic starts >> i have had an amazing summer commute. >> it is amazing in new york in the summer you come from the other way. the city >> they say you are traffic. when i'm sitting in that traffic going i have to remember, i'm the problem. i'm one of the people who's adding to the traffic flow is the buyback help fuelling the market to record highs slowing down slowing down and delivering alfa, september i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk.

they can help gut chechere, i've done my job. call for a strategy gut check with td ameritrade. ♪ 19y

test test test wall street saw a record number of stock buy backs after the 2017 tax cuts but now seem to be slowing and if the trend

continues tokd, could start to hit the market we have a financial wellness initiative of invest in you. as part of the partnership with acorns the app and rick it el man joins us to discuss what investors need to know that was a long introduction, rick you were on camera a good, long time rice delman. >> thank you. >> right >> they get rice del man. >> my mom's fault. >> are buybacks actually slowing but only in comparison with 2018 >> exactly that's why we don't need to be worried about this feels really slow but we are still going pretty fast. >> having lots of buybacks >> yes. >> if they went away and fell back further, would it imperil the market in other words, obviously buybacks help individual stocks. how much do they help the market overall? >> i think psychically

i don't think it's impact on corporate profits or the economy so it's window dressing. it feels good to see a company ceo say we are going to take tens of millions, hundreds of millions of dollars and buy back our stock. it is a vote of confidence in the marketplace. but when you have 500 ceos of the s&p 500 saying the very best stock i can think of is mine, there's a little bit of home team bias. >> lining of pockets going on there. if the price of stock goes up, they get paid more the other benefit is takes shares out of circulation. all things being equal, the eps goes up. >> conflict of interest, no question and so, you have to look at this with a little jaunted eye. >> the flip side is that corporations buying back stock because they didn't want to spend necessarily on factories. >> factories or workers. where else >> once they do that could be a vote of confidence in the

economy. >> you're absolutely right i would be much more excitemented if a ceo said we'll build a factory, invest in r&d, even m&a activity, even a dividend. >> can i ask you a further afield question? if i take out a line of home equity credit? it's coming up with people who are concerned about the economy. >> right. >> saying that if i could pay $50 a year to have access to this line of credit that is like a credit card i can draw on it if i need to, if something goes belly up, what are the negative -- >> doesn't necessarily hurt the credit score but ability to get other debt later because you have so much debt, you can obtain as a borrower so if you have used the line of credit you have basically used up a lot of your capacity. not a problem. that's why it's there.

you shouldn't have to get other debt elsewhere not necessarily a bad thing. >> people are refinancing. should they get cash back? should they store that money >> yes we're big fans of a cashout refund, especially today's incredibly low rates. >> yes works out just fine to do that just keep in mind that that rate is generally not a fixed rate so as interest rates rise in the economy, your costs of the loan could increase i wouldn't use the money on jewelry and clothing and furniture. >> darn it. >> a kitchen renovation? >> well worth it >> cabinets, cabinets. what are you doing in the portfolios you manage? >> we are taking a long-term approach there is concern, the volatility and trade and tariff wars, fears of recession, all this noise

that's going on and the advice we are giving clients is now just grin and bare it. what you should be doing is dollar cost averaging into the market you invest a small amount of money over regular intervals and take advantage of the volatility rather than being fearful of it. rather than being fearful of it. >> listen for rick on the radio. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we nand we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪

check please. >> welcome back. all day we have been watching the yield curve again and right now it's back to being inverted. there you can see, again, the difference we are talking about is not meaningful in the grand skim scheme of things. >> of course i'll be listening for chairman powell's remarks tomorrow out of the conference out in - >> jackson hole. >> i was thinking sun valley both beautiful places that steve loves to go fishing. i think for the first time in my recent memory the fed does not seem to be speaking -- speaks with a lot of different voices. >> yes. >> there are many more dissenters and weak supporters in the course of interest rates right now. that's a very interesting to see how that evolves, how the

messaging evolves and what happens. we're going to hear from a lot of fed governors and presidents over the next 24, 36 hours. >> this is a big contributor. >> exactly amidst the volatilities, watching bitcoin it's up right now at this moment but facing the worst week of the year down about 15%. so you wonder whether or not that safe haven argument sticks. thank you for watching. >> "closing bell" starts right now. ♪ welcome to "closing bell." i'm david farber in for wilfred frost. perhaps hopes for the 737 max. you can see as well, the dow right now up a little bit? i think so about 59 minutes left in the -- yeah left in the trading session. sarah? >> i am sara eisen